JSW Energy subsidiary plans to buy a 150 MW hydroelectric project in Himachal Pradesh for approximately 17.28 billion Indian rupees.
JSW Energy, a prominent player in the Indian energy sector, is set to acquire Tidong Power Generation Private Limited (TPGPL) in a significant move towards its renewable-led capacity growth target. The acquisition, valued at Rs 1,728 crore, was approved by the Board of Directors of JSW Neo Energy Limited and is subject to necessary approvals.
The acquiring entity in this deal is Statkraft IH Holding AS. TPGPL, incorporated in 2008 for the development of a 150 MW hydroelectric power project in Himachal Pradesh, will become a subsidiary of JSW Neo Energy and a step-down subsidiary of JSW Energy once the deal is completed.
The acquisition aligns with JSW Energy's expansion plan to increase its renewable capacity to 30 GW by FY30. Once completed, this acquisition will contribute to JSW Energy's renewable energy portfolio, marking a step forward in achieving its ambitious target.
According to the regulatory filing made on Thursday, the deal requires approvals from the Government of Himachal Pradesh for a change in controlling shareholding and clearances from lenders. The acquisition is subject to customary closing adjustments and is expected to be completed by January 15, 2026.
Tidong Power Generation's revenue from operations stood at Rs 36.6 crore in FY23, Rs 37.1 crore in FY24, and Rs 39 crore in FY25 (unaudited). The acquisition is expected to help JSW Energy achieve its renewable-led capacity growth target, as TPGPL's hydro project will add to JSW Energy's renewable energy portfolio.
Meanwhile, JSW Energy's share price has gained 2.84% in the past month, reflecting investor confidence in the company's growth strategies. JSW Energy aims to reach a generation capacity of 30 GW and 40 GWh of storage capacity by FY30, with renewables making up 70% of its portfolio.
This acquisition is a significant step towards JSW Energy's aim to increase its renewable capacity, demonstrating the company's commitment to sustainable energy solutions. As JSW Energy continues to expand its renewable energy portfolio, it is poised to play a crucial role in India's transition towards a greener energy future.
